USD/JPY to erode resistance at 110.80 towards the 111.00/20 zone – OCBC

USD/JPY moved through the first resistance at 110.50 before stalling at 110.80. Terence Wu, FX Strategist at OCBC Bank, expects the pair to march forward following higher US Treasury yields.

USD/JPY flexing against key resistance at 110.80

“With back-end UST yields finally reactive higher, bias may now be higher for the pair.”

“110.80 is still the immediate target, with 111.00/20 the next waypoint higher.”